Timken (NYSE:TKR) Issues FY 2024 Earnings Guidance

Timken (NYSE:TKR) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 5.550-5.650 for the period, compared to the consensus EPS estimate of 6.060. The company issued revenue guidance of $4.6 billion-$4.6 billion, compared to the consensus revenue estimate of $4.6 billion. Timken also updated its FY24 guidance to $5.55-5.65 EPS.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on TKR. Oppenheimer decreased their price target on shares of Timken from $102.00 to $97.00 and set an “outperform” rating for the company in a report on Wednesday. DA Davidson reduced their target price on shares of Timken from $103.00 to $99.00 and set a “buy” rating for the company in a report on Wednesday. Evercore ISI cut their price objective on shares of Timken from $94.00 to $87.00 and set an “in-line” rating for the company in a report on Monday, August 19th. KeyCorp dropped their target price on shares of Timken from $104.00 to $90.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, Citigroup started coverage on shares of Timken in a research note on Monday, October 14th. They set a “neutral” rating and a $90.00 target price for the company. Eight investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $89.60.

Timken Stock Performance

Shares of NYSE TKR opened at $76.99 on Friday. The company has a market cap of $5.40 billion, a PE ratio of 16.01, a price-to-earnings-growth ratio of 1.94 and a beta of 1.43. Timken has a 12 month low of $70.15 and a 12 month high of $94.71. The company has a debt-to-equity ratio of 0.71, a current ratio of 3.00 and a quick ratio of 1.64. The company has a 50-day simple moving average of $82.56 and a 200-day simple moving average of $83.82.

Timken (NYSE:TKR) last announced its quarterly earnings results on Tuesday, November 5th. The industrial products company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.15). The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.12 billion. Timken had a net margin of 7.41% and a return on equity of 14.82%. The company’s quarterly revenue was down 1.4% on a year-over-year basis. During the same period last year, the firm earned $1.55 earnings per share. On average, equities analysts anticipate that Timken will post 5.62 earnings per share for the current year.

About Timken

The Timken Company designs, manufactures, and sells engineered bearings and industrial motion products, and related services in the United States and internationally. The company's Engineered Bearings segment provides various bearing products, including tapered, spherical, and cylindrical roller bearings; plain bearings, metal-polymer bearings, and rod end bearings; radial, angular, and precision ball bearings; thrust and specialty ball bearings; journal bearings; and housed or mounted bearings.